Retailers weigh Gap's minimum-wage pledge
Following Gap's announcement that it will set the minimum wage for workers at $9 an hour this year and $10 an hour in 2015, big store chains from Wal-Mart to Sears said Thursday they will continue to evaluate their wages.
But, ultimately, industry watchers say whether they follow Gap's move will depend greatly on whether they decide that they need to remain competitive.
"I think more people will wait on the sidelines and not take on additional expenses," said Ken Perkins, president of RetailMetrics, a retail research firm. "It's a gamble on Gap's part."
There's no question that whatever the major players in the retail industry decide to do will have a big impact on the job market - the industry supports one in every four U.S. jobs, representing about 42 million workers.